‘People want to be in a firm that is winning better work and achieving better results. There’s been a shift in expectation levels.’
Juan Picón, DLA Piper
From post-Brexit investment to the threat of accountants, LB100 leaders tell us how the cards are stacked
Moving quickly
‘As a firm which is investing outside the UK, the cost of investment has gone up, but the returns have also gone up, so you’ve got to put a premium on being able to identify the right opportunities and be able to get return back quickly. When times are uncertain people often try to hang on to cash.’
Peter Hasson, chief executive, Clyde & Co
Wider contribution
‘It’s clear already that origination is being reduced in relative value terms and is becoming a more meaningless metric by itself. That doesn’t mean it has no meaning; it’s just not a category that’s looked at separately from the profitability of the job, the work, how the client is embedded into the firm… As the firm and quality of clients have grown, very few people can claim to own a client individually. You start to bring in other metrics like generosity – how you take that introduction to a client and pass it on to someone else. That is built on the premise that this firm is different to others – it’s more important than the individual.’
Kevin Gold, managing partner, Mishcon de Reya
Keen observer
‘The post-Brexit landscape is very likely to be advantageous for us and we may look to accelerate our plans for international growth and expansion. There will no doubt be some challenges, but we consider ourselves to be in a fortunate position because, unlike many of our competitors, our international plans are still in development, so we’re not having to retrench post-Brexit and can more easily learn from the mistakes of others.’
Andrew Leaitherland, managing partner and chief executive, DWF
Accountancy age
‘People always wonder about what the Big Four are going to do. They already have significant share in some sections of the legal market. I’m sure that will grow, but I suspect they will not pose a significant challenge to the Magic Circle in the near future, nor would they aspire to do so. They already have large numbers of lawyers, so are not to be underestimated.’
Steve Cooke, senior partner, Slaughter and May
Innovation edge
‘There is growth across the piece. If you look at us and aspects of our innovation, whether it’s MarginMatrix or aosphere, Belfast or Peerpoint, and you compare that to any of our peer group firms in the Magic Circle or in the US, Allen & Overy is stand-out. Our clients are saying: “Here’s a law firm that’s actually hearing what we want.”‘
Andrew Ballheimer, global managing partner, Allen & Overy
Good shape
‘We have had a very international strategy that has worked for over 15 years and that is crucial for us. We probably have the best coverage in Europe of any international firm. We feel well balanced going into the next period in the UK. We are well placed to give clients the right sort of advice given all the markets we are in.’
David Kerr, chief executive, Bird & Bird
Raising their game
‘Despite the firm being so large, when push comes to shove strong leadership makes a big difference. Our people are upping the ante in terms of the quality and value of the work they do, and we have put in place greater rigour for following that through. People want to be in a firm that is winning better work and achieving better results. There’s been a shift in expectation levels.’
Juan Picón, global co-chair, DLA Piper
Consolidation pressure
‘I expect to see more consolidation in the market. There’s no doubt that the middle tier is under pressure, as are the Magic Circle and the chasing pack. The leading City firms will need to grow – or be seen to be growing – and are struggling to find a way to do that other than through merger. The Magic Circle will continue to perform well because they have strong brands but they may only be able to achieve single-digit growth or even stagnate if the global economy moves towards recession. Specialist firms such as ourselves will either struggle or do well depending on where they place their bets in the market.’
Chris Lowe, co-managing partner, Watson Farley & Williams
Markets move
‘I have never subscribed to the view that there is not enough room in the market. We saw the move to London of our Scottish competitors in the 1990s, and then there was the experiment with the accountants in the late 1990s and early 2000s, which didn’t go too well, and all of that was based on access to markets. People miss the point that markets change all the time. I do not see a fixed market in any sense at all.’
Bill Drummond, managing partner, Brodies